Community banking

FirstMerit Completes Purchase of Citizens Republic

By Brian Browdie April 12, 2013, 5:39 p.m. EDT 1 Min Read

M&A

Fed Approves FirstMerit's Purchase of Citizens Republic

The Federal Reserve Board has approved FirstMerit's pending acquisition of Citizens Republic Bancorp (CRBC) in Flint, Mich.

By Chris Cumming

March 25
M&A

FirstMerit to Raise $350M, Repay Citizens Republic's Tarp

FirstMerit (FMER) of Akron, Ohio, seeks to raise as much as $350 million in connection with its deal for Citizens Republic Bancorp (CRBC).

By Chris Cumming

January 29

FirstMerit (FMER) in Akron, Ohio, said Friday that it has completed its purchase of Citizens Republic Bancorp in Flint, Mich.

The $912 million deal, which was announced in September, will allow FirstMerit to expand into Michigan and Wisconsin. The combined company will have about $24.5 billion in assets and roughly 400 branches.

FirstMerit, which also operates in Ohio, Illinois and Pennsylvania, had already filled executive posts in its new markets. In January, the company named Sandra Pierce, a former Michigan state executive with RBS Citizens, chairman and chief executive of its Michigan operations. In March, FirstMerit named Kevin Leissring president and chief executive for Wisconsin.

FirstMerit also repaid $350 million to the Treasury Department that Citizens received through the Troubled Asset Relief Program.

For reprint and licensing requests for this article, click here.

Community banking

MORE FROM AMERICAN BANKER

Politics and policy

'We lean optimistic': Bankers hope election outcome will boost loan growth

Leaders at financial institutions said borrower demand should pick back up, if slowly, following Tuesday's vote.

By Catherine Leffert

5h ago
Payments

How one industry group is challenging the CFPB's BNPL rule

The Consumer Financial Protection Bureau will soon have to defend its interpretive buy now/pay later rule in court following an industry advocacy group lawsuit. Here's what's at stake.

By Joey Pizzolato

5h ago
Election 2024

Election could mean new leaders for key Congressional committees

Potential new Senate Finance Committee Chair Sen. Mike Crapo, R-Idaho, has suggested a potential workaround to offset the cost of extending the Tax Cuts and Jobs Act.

By Caitlin Devitt

7h ago
Customer experience

'Like qualitative research without having to pay': A bank's guide to Reddit

Few banks are listening to what their customers are saying on Reddit, but the site can help them spot customer complaints and develop content that dispels misinformation.

By Miriam Cross

8h ago
Federal Reserve

Senate Democrats call for another half-point Fed rate cut

Sens. Elizabeth Warren and John Hickenlooper say recent data suggests there is "no need for restrictive interest rates" and easier monetary policy is necessary to lower housing costs.

By Kyle Campbell

8h ago
Community banking

Community banks hire, promote top executives in October

Multiple lenders filled leadership roles across the country, including National Bankshares in Virginia, while Peoples Financial in Pennsylvania said its CEO would step down.

By Jim Dobbs

9h ago